5149. Payson State Savings Bank (Payson, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
November 15, 1930
Location
Payson, Illinois (39.817, -91.242)

Metadata

Model
gpt-5-mini
Short Digest
80e08f1d

Response Measures

None

Description

Payson State Savings Bank is reported as a branch of the State Savings, Loan & Trust Company of Quincy. Articles state the Payson branch 'closed during the morning' after the parent bank and related local banks failed/closed and heavy runs in Quincy. Examiners took charge of affiliated banks, indicating a suspension that resulted in closure (receivership/official control). Date of closure reported Nov 15–16, 1930.

Events (1)

1. November 15, 1930 Suspension
Cause
Local Banks
Cause Details
Closure of the Payson branch followed the overnight closing of the State Savings, Loan & Trust Company in Quincy and failures/runs at other Quincy banks (including the Quincy-Ricker National), prompting examiners to take charge and branches to close.
Newspaper Excerpt
The South Side State Savings Bank and the Payson State Savings Bank at Payson, branches, closed during the morning.
Source
newspapers

Newspaper Articles (11)

Article from The Times, November 15, 1930

Click image to open full size in new tab

Article Text

SIX MILLION DOLLAR BANK FAILS TO OPEN NEWS SERVICE] QUINCY, III., Nov. 15-The Quincy State Savings, Loan and Trust bank and three branches, with deposits approximately $6,000,000 failed open for business here this morning. branches Broadway State Savings, the South Side State Savings the Payson, State Savings banks. Payson about 20 of here. estimated that about half of Quincy's deposits these banks the Ricker National bank which closed today. The State Savings, Loan Trust reported have $7,000,000 out farm loans.


Article from Evening Star, November 16, 1930

Click image to open full size in new tab

Article Text

values. The South Side State Savings Bank and the Payson State Savings Bank at Payson, branches, closed during the morning. A run was started on the Broadway State Savings Bank, another branch, but it weathered the onslaught and by noon conditions here were normal. A committee of leading merchants and manufacturers met this afternoon for several hours and discussed methods of relieving the tensity. Several banks received large shipment of money from Chicago and St. Louis, and all said they expected to ride the storm by enforcing the 60-day notice clause relating to withdrawal of savings deposits.


Article from Jacksonville Journal Courier, November 16, 1930

Click image to open full size in new tab

Article Text

THREE BANKS IN QUINCY FORCED TO CLOSE DOORS BANK EXAMINERS TAKE CHARGE OF Two Affiliated Banks Outside of City are Affected Ill., Nov. Quincy banks in the hands examiners tonight and two filated in towns Illinois Missouri were closed. The banking after weathering heavy run remained open for the usual Saturday evening they would business usual week The was highly state, by long waiting withdraw funds. of leading signed statement in the Herald Whig and Journal that the banks would continue the Depositors were urged to make their customary deposits and hysteria. Blame Land Shrinkage president of the State Savings and Trust blamed the situation the shrinkage farm land values. closing his bank, oldest this part the brought the to crisis and followed by the closing branch bank here and one Payson, miles away and of Novemstate bank in Green City, correspondent QuincyRicker National closed doors succession started week when the institution. only national bank in the closed. The State Savings Loan and Trust company had deposits when statement The South State bank and the Payson State Savings bank branches, closed during the run started the Broadbranch, but weathered slaught noon there normal. Throughout the (Continued on Page Ten)


Article from The Tampa Tribune, November 16, 1930

Click image to open full size in new tab

Article Text

Three Banks Close At Quincy, III., Others Weather Run Three Quincy banks were in the hands of bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri were closed and the remaining banking institutions of this city, after weathering a heavy run of withdrawals, remained open for the usual Saturday evening business and announced they would do business next week. A group of leading citizens here gave assurance in statement appearing in the afternoon Herald Whig and Journal that the remaining banks would continue to serve the public. J. W. Gardner, president the State Savings, Loan & Trust company, blamed the situation on the shrinkage of farm land values. The overnight closing of his bank, oldest in this part the state, was followed by the closing of branch bank here and one in Payson, Ill., 15 miles away On Nov. 3 state bank in Green City, Mo., correspondent of the failed Quincy-Ricker National bank, closed. The succession of shutdowns started week ago when the Quincy-Ricker institution only national bank in the city, failed. The State Savings, Loan, & Trust company had $6,216,000 deposits when its last statement was issued, and $1,000,000 capital. The South Side State Savings bank and the Payson State Savings bank at Payson, branches, closed during the morning A run was started on the Broadway State Savings bank, another branch, but it weathered the onslaught and by noon conditions here were normal.


Article from St. Joseph Gazette, November 16, 1930

Click image to open full size in new tab

Article Text

THREE ILLINOIS BANKS CLOSED Quincy Institution With $6,216,000 in Deposits and Branches Fail. QUINCY, Nov. Three Quincy banks in the hands of bank examiners tonight, two affiliated in small towns of Illinois and Miswere closed and the remaining banking institution of this city, after heavy run the day, remained open usual Saturday night and said they would do busiweek. The was in highly state, by long lines of customers waiting winto withdraw funds. group leading citizens, gave the banks would to serve the public. Depositors urged deposits and sential withdrawals without hysteria. Gardner president of State Trust the situation the of farm land values. overnight of his bank, oldest this part the state, brought the crisis and by the closbranch bank and one Payson. III., miles away. On Nov. 13 state bank in Green City, Mo. correspondent of the failed National Bank, closed. succession shutdowns started week ago when the National Bank, national bank in the failed. The State Savings, Loan and Trust Company had $6,216,000 deposits when Its last statement issued, and $1,000,000 capital. The South Side State Savings Bank the Payson State Savings Bank Payson, branches, closed during the morning.


Article from Evening star, November 16, 1930

Click image to open full size in new tab

Article Text

values. The South Side State Savings Bank and the Payson State Savings Bank at Payson. branches, closed during the morning. run was started on the Broadway State Savings another but it weathered the onslaught and by noon conditions here were normal. A committee of leading merchants and manufacturers met this afternoon for several hours and discussed methods of relieving the tensity. Several banks received large shipment of money from Chicago and St. Louis, and all said they expected ride the storm by enforcing the 60-day notice clause relating to withdrawal of savings deposits.


Article from The Kansas City Star, November 16, 1930

Click image to open full size in new tab

Article Text

PRIEST SLIPS FOR ART STIRRED BY BANK RUNS NOT FOR LOVE OF GIRL HE WED, MOVIE COMPOSER INSISTS. Father Francesco Magliocco, Who Vanished From New York Is Found as Successful Musical Director in Hollywood. (B# The Star's Leased Wire Service.) HOLLYWOOD, CAL., Nov. 15.-A scant fifteen months ago, Father Francesco Magliocco intoned a high mass from the altar of New York City's greatest Italian church, Our Lady of Mt. Carmel. Mass over, he quietly folded away his priestly vestments and vanished. And with him vanished the tall and slender beauty of his choir, Antoinette Motta. Behind them-the priest, 50, Antoinette, 25-the couple left a storm of whispered reports. Today, in the white glare of Hollywood studio, the mystery of the vanished priest and the choir singer was solved. Father Francesco Magliocco was revealed as the musical director who had been Hollywood sensation in the last few months. The man the movie world knew as Francesco Magli, inspired composer of the score for forthcoming movie music drama and husband of Signora Antoinette Magliocco, father of an infant child. admitted he was the for- mer Bronx priest. When father Magliocco disappeared from New York was reported he had quarreled with the diocesan authorities over their failure to appoint him musical director at St. Patrick's cathedral. He believed his artistic abilities entitled him to the position. It was to his love of music that the priest today ascribed his desertion of the altar for the movie studio. "I did not quit the church because of love of woman," he cried excitedly. left because reached the conviction it was all wrong for me to follow the priestly life. love music. wanted to devote my entire time to it. At last, could stand it no longer. Now, am free-free, and for the first time in my life am happy. "My wife is beautiful woman, wonderful mother and competent wife. We are very happy together. sit here all day long teaching. composing and arranging musical scores She manages the household. She will be back here with me before long, bringing our little son, who has been named for me. The ex-priest explained his wife had returned last summer to the Bronx home of her family, so her child might be born there. (By the Associated Press.) QUINCY, ILL., Nov. 15.-Three Quincy banks were in the hands of bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri were closed and the remaining banking institutions of this city remained open for the usual Saturday evening business after weathering heavy run of withdrawals through the day. The community was in a highly nervous state, proved by long lines of customers waiting at windows to withdraw funds. A group of leading citizens, however, gave assurance in signed statement appearing in an afternoon paper that the remaining banks would continue to serve the public. BLAME ON FARM CONDITIONS. J. W. Gardner, president of the State Savings Loan and Trust Company, blamed the situation on the shrinkage farm land values. The overnight closing of his bank, oldest in this part of the state, brought the situation to crisis and was followed by the closing of two branch banks here and in Payson, III., fifteen miles away. and state bank in Green City, Mo., correspondent of the failed Quincy National Bank. The succession of shutdowns started week ago when the Quincy-R National Bank. only national bank in the city, failed. The State Savings Loan and Trust Company had $6,216,000 deposits when its last statement was issued, and million dollars capital. The South Side State Savings Bank and the Payson State Savings Bank at Payson, branches, closed during the morning. ONE WEATHERS RUN. Three Institutions Are in Hands of Examiners, Two More Nearby Quit, and Others Take Safety Measures. A run was started on the Broadway State Savings Bank, another branch, but it weathered the onslaught and by noon conditions here were normal. All day long, however. long lines of depositors filed into the Mercantile Trust and Savings Bank and the Illinois State Bank, downtown banks. and the State Street Bank and Trust Company in South Quincy, seeking to withdraw their funds. The latter is the largest bank of the community Assurances were given that there was no danger of their closing but the nervous throngs paid little attention. To avert further sapping of their cash the banks agreed to remain closed A committee of leading merchants and manufacturers met this afternoon for several hours and discussed methods of relieving the tensity Several banks received large shipments of money from Chicago and St. Louis, and all said they expected to ride the storm by the 60-day notice clause relating to withdrawal of savings deposits. U. S. COURT IN SPRINGFIELD. Judge Reeves Will Rule on Approximately Fifty Cases. Judge Albert L. Reeves will open the fall term of the United States district court at Springfield tomorrow with docket of approximately fifty criminal cases. Most of the cases will be of liquor and narcotic nature. No federal grand jury will be called at Springfield this term, William L. Vandeventer, United States district attorney. said yesterday. QUINCY, ILL.,IN A NERVOUS STATE, AFTER CLOSINGS.


Article from The Daily Illini, November 16, 1930

Click image to open full size in new tab

Article Text

CLOSE AFTER Houses in Hands of aminers as Nervous Throngs withdraw Deposits QUINCY, Nov. Three Quincy banks were in the hands bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri were closed, and the remaining banking institutions this city shut their doors without the usual Saturday evening business after heavy run of withdrawals throughout the day. Community Nervous The community was in highly nervous state, evidenced by long lines of customers waiting at windows to withdraw funds. group of leading citizens gave assurance in signed statement appearing the afternoon Herald Whig and Journal that the remaining banks would continue serve the public. Depositors were urged to make their customary deposits and essential withdrawals without hysteria. W. Gardner, president of the State Savings Loan and Trust company, blames the situation the shrinkage of farm land values. Oldest Bank in Section The overnight closing of his bank, oldest in this part of the state, was followed by the closing of branch banks and in Payson, away, and state bank in Green City, Mo. The succession of shutdowns started in the failure of the National bank, only national bank in the city. The State Savings Loan and Trust had $6,216,000 deposits company when last statement was issued, and $1,000,000 capital. The South Side State bank and the Payson State Savings bank at Payson, closed during the morning.


Article from The Milan Republican, November 20, 1930

Click image to open full size in new tab

Article Text

BANK CLOSED FOLLOWING FAILURE OF RICKER President Of State Savings Loan & Trust Company of Quincy Charges Failure His Bank To Shrinkage of Farm Values The Bank of Green City, for some time the only operating bank of the town, which closed early last week, still in the hands of the State Finance Department. F. A. Guiles charge and the bank will remain in the hands of the State Finance partment until satisfactory arrangements are perfected for its reopening. The capital stock of the bank was $20,000. Myers was cashier and E. Pfeiffer president. The closing of the Quincy Ricker National Bank of Quincy, III., is assigned as a reason for the closing of the Bank of Green City, the Quincy Ricker being correspondent of the Green City bank. The State Savings Loan and Trust Company of Quincy closed last Saturday and smaller banks in Missouri and Illinois suffered because of their business relations with the banks that had suspended active business. Quincy, III., Nov. Quincy banks were in the hands of bank examiners tonight; two affiliated institutions in small towns of Illinois and Missouri were closed. and the remaining banking institutions of this city, after weathering a heavy run of withdrawals, remained open for the usual Saturday evening business and announced they would do business as usual next week. J. W. Gardner, president of the State Savings Loan and Trust Company, blamed the situation on the shrinkage of farm land values. The overnight closing of his bank, oldest in this part of the state, brought the situation to crisis and was followed by the closing of two branch banks here and in Payson, III., 15 miles away. On Nov. 13, a state bank in Green City, Mo., correspondent of the National Bank, closed its doors. The succession of shutdowns started week ago when the institution, only national bank in the city, closed. The State Savings Loan and Trust Company had $6,216,000 deposits when its last statement was issued, and capital. The South Side State Savings Bank and the Payson State Savings Bank at Payson, branches, closed during the morning. Mr. Gardner's bank was founded by C. H. and Lorenzo Bull, pioneers who gave the original institution their name. His statement on the closing of the bank and its branches said: "The closing was decided upon as the only way to save the assets of the bank. The steady withdrawals by both savings and commercial depositors since the closing of the Quincy Ricker made heavy inroads on the bank's quick assets, and there was every indication that the condition would continue. The principal cause of the bank's difficulties is the situation in regard to farm loans. The business was established and developed through the business of farm loans since the days of the L. & H. Bull Bank. The very condition that made the bank is now the cause of its trouble. Farm values have shrunk from 40 to 60 per cent. The bank has these loans assets. but not liquid. It too early too talk of the bank's future. believe there are sufficient assets so that the depositors will not lose."


Article from The Hastings Daily Tribune, March 2, 1931

Click image to open full size in new tab

Article Text

BANKS President of One Blames in Farm Land Values for Shutdown Nov. 15 Quincy banks in the hands examiners tonight, affiliated towns closed the heavy remained for the usual Saturday business and they would business group of leading citizens, here in signed the afternoon Herald the would continue serve the public. Values Land Gardner, the State Savings Loan Trust blamed the situation on the shrinkage of farm land of his bank overnight oldest of by bank here bank in Mo., the failed tional closed. The started week ago the bank the and Trust its last capital. The South Side and the Payson Savings Payson, branches, closed during the morning


Article from Arnold Sentinel, June 25, 1931

Click image to open full size in new tab

Article Text

BANKS President of One Blames in Farm Land Values for Shutdown Nov. 15 Quincy banks in the hands examiners tonight, affiliated towns closed the heavy remained for the usual Saturday business and they would business group of leading citizens, here in signed the afternoon Herald the would continue serve the public. Values Land Gardner, the State Savings Loan Trust blamed the situation on the shrinkage of farm land of his bank overnight oldest of by bank here bank in Mo., the failed tional closed. The started week ago the bank the and Trust its last capital. The South Side and the Payson Savings Payson, branches, closed during the morning